Originally published on: December 01, 2024
The NFT market continues to heat up as monthly sales volumes hit a record high of $562 million in November, marking a significant 57.8% increase from the previous month. According to data from CryptoSlam, this surge in sales volume is the highest the industry has seen since May, when digital collectibles reached a peak of $599 million in sales.
Although November’s numbers are impressive, they still fall short of the all-time high of $1.6 billion recorded in March of 2024. After a seven-month decline in sales volumes, the NFT market has been steadily recovering, with popular collections like CryptoPunks leading the way.
CryptoPunks, one of the most sought-after NFT collections, saw its floor price skyrocket from 26.3 ETH to 39.7 ETH in November, a value equivalent to $147,000 at current market rates. The collection also reported a 30-day sales volume of over $49 million, representing a staggering 392% increase compared to the previous month.
In addition to CryptoPunks, the Pudgy Penguins collection also experienced a remarkable surge in sales volume, totaling $16 million for the month. The floor price for Pudgy Penguins rose from 8.7 ETH to 13 ETH, or approximately $48,000, showcasing a 49% increase in value.
Ethereum dominated the NFT market in November, with sales volumes exceeding $216 million, representing a 12% uptick from October. Bitcoin also saw a significant increase in NFT sales volume, reaching $186 million, a surge of 99.44% compared to the previous month.
Other blockchain networks, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively reported $162.9 million in NFT sales volume for the month of November.
The NFT market is clearly in a state of resurgence, with collectors and investors showing renewed interest in digital assets. As the landscape continues to evolve, new opportunities and trends are emerging, making it an exciting time for NFT enthusiasts.
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